Dennis G. Kotaska, LLC

To buy or not buy?

DENNIS KOTASKA — Wed, 19 Jun 2013 21:31:00 GMT

Many home buyers have often asked, “Is this the right time to buy?” While the answer varies depending on your personal situation, the very general answer is YES! Buy Now! Buy Soon!

Again the reasons for this answer can vary but let’s look at the most significant reason you should be actively in the real estate market right now: Interest rates!

In the past month rates have inched up and they are expected to continue to climb. The current average rate on a 30-year fixed-rate is around 4%; and those seeking a 15 year loan are seeing rates around 3.05%. Both levels have seen a steady increase in the past month. Buyers who have been waiting, thinking rates will continue to be low or even drop more may have missed the boat.

Does that mean it is too late to buy and take advantage of historically low rates? NO! These rates are still historically low and should be taken advantage of quickly!

Now is the time to viewing homes, locking in your rate, and moving into your next Sarasota area home.

Contact us, we can help!
Dennis & Terri Kotaska

Be An Attractive Homebuyer

DENNIS KOTASKA — Mon, 17 Jun 2013 17:53:00 GMT

We continue to experience a historically low inventory of homes in our Sarasota real estate market. Low inventory not only drives up values (good news for sellers) but it also means buyers really need to be on their toes and ready to act quickly and efficiently when they are viewing homes. Here are some tips for home buyers to do before they begin looking at homes as well as things to think about and be prepared for when you find your home and write an offer:

· Talk to a lender

o Check your credit report for accuracy

o Inquire about your ratio’s be sure your debt-to-income ratio is in line

§ Pay of any debts you can

o Have down payment saved and in an account that can be verified

§ Putting down more than 20% makes you look more financially stable and gives sellers a comfort level that you will be able to “close the deal”

o Have lender pre-approval before viewing homes

· Cash is king

o If you are a cash buyer be sure your funds are in a verifiable account, be sure this information is easily identifiable in the offer you present to the seller

· Know your budget and stick to it, don’t let the “excitement of the moment” carry you away

o Bidding wars tend to drive prices up, so look at homes below your top-end budget so you have room to bid higher if you are part of a bidding war

· Limit your contingencies

o If you have to sell your home to complete this purchase you will be less appealing to a seller; if your current home is under contract provide details about that transaction to help the seller see you as a solid buyer.

o Be reasonable without being difficult – be flexible with dates for closing/moving.

· Add a personal touch

o Write a letter or statement to the seller – this helps the seller see you as a person and not just a number

Dennis & Terri Kotaska

Sarasota Real Estate

Savor Sarasota Restaurant Week

DENNIS KOTASKA — Fri, 31 May 2013 00:55:00 GMT

Friday, June 3 thru Friday June 14 (daily) 12 Noon to 10:00pm

A kaleidoscope of flavors awaits you and at these prices you can affordably explore the tastes of Sarasota County! Two delicious weeks awaits you!

Lunch is $15 and dinner is $29!

You order a multi-course meal from one of the many participating restaurants.

More Details

Be sure to share with us your favorites, we love hearing from you,

Dennis & Terri

Record Breaking Month of Home Sales

DENNIS KOTASKA — Thu, 23 May 2013 18:26:00 GMT

Members of the Sarasota Association of Realtors® sold more than 1,000 properties in April 2013, the first time sales have hit four figures in a single month since June 2005. There have only been ten months in SAR's 90-year history that sales have topped 1,000, and the other nine occurred in 2004 and 2005!

Check out this phenomenal April 2013 statistics of sales and inventory in the Sarasota areas;

Memorial Day this year is especially important as we are reminded almost daily of the great sacrifices that the men and women of the Armed Services make to defend our way of life. God Bless America!

Have a safe holiday weekend!

Dennis & Terri Kotaska

10th Annual Downtown Sarasota Craft Fair

DENNIS KOTASKA — Wed, 15 May 2013 23:10:00 GMT

Saturday, May 18, 2013 starting at 10:00am to 5:00pm

FREE

The show will be at the beginning of Main Street downtown Sarasota, overlooking the bayfront. It will on Gulfstream Avenue, from Cocoanut Avenue to Main Street and will continue from Main Street to the Square.

A wonderful family event featuring more than 100 of the nation's best crafters. Homemade baskets, leather goods, personalized pet products, homemade soaps, jewelry and much more.

A Green Market complements the weekend with plants, orchids and kettle corn.

Sarasota Realtors ~ Terri & Dennis Kotaska

San Marco Plaza Farmers Market

DENNIS KOTASKA — Wed, 15 May 2013 23:05:00 GMT

More than 35 local farmers and vendors will be selling their goods, flowers, pottery, seafood, herbs and much more.

Every Friday and Saturday thru June 15, 2013. 9:00am to 2:00pm

Located at San Marco Plaza, 8215 Natures Way, Bradenton

Memorial Day Celebration & Charity Event @ Lakewood Ranch

DENNIS KOTASKA — Wed, 15 May 2013 22:54:00 GMT

Join us on May 26th at 5pm on Main Street.

Parade starts at 6pm.

Bring your donation of toiletry and non-perishable food items - help us fill the truck! Items will be used to create personal care packages and sent overseas to our active military. Letters will be placed in each packet to create a personal message of thanks and a note of appreciation, so please take time to write a note of appreciation to add to your donation.

The streets' festivities will include face painting, balloon artists, music, grilled food and beverages. A wonderful family event.

We can help you find your Lakewood Ranch home,

Dennis & Terri Kotaska

Find Your Dream Lakewood Ranch Home

Extraordinary Artwork on Main Street, Lakewood Ranch

DENNIS KOTASKA — Fri, 10 May 2013 23:20:00 GMT

C.A.R.E Art Across the Spectrum ~ May 11th ~ Main Street, Lakewood Ranch

Join us for a celebration of extraordinary artwork created by exceptional children. Various art mediums will be highlighted on a walk through beautiful Main Street in Lakewood Ranch. The proceeds will directly benefit the Center for Autism Resource and Education. CARE has provided a range of educational programs, resources and support to families facing autism or related conditions in our community for over 15 years.

Recycling Tips

DENNIS KOTASKA — Wed, 08 May 2013 19:47:00 GMT

We all know we should do more to save the planet by recycling today we are offering some different suggestions for recycling. These are for items that may not be part of your everyday recycling plan.

Carpet: if you are installing new carpet go to www.CarpetRecovery.org to find out what you can do with your old carpet.

Cell Phones: Did you know that fewer than 20% of all cell phones are recycled each year? Visit www.GoWirelessGoGreen.org to find charities accepting cell phones.

Crayons: Did you know that you can transform your child's used crayons into new ones? Visit www.CrazyCrayons.com where you learn more about the National Crayon Recycle Program.

Shoes: Donate shoes in decent condition to www.GiveShoes.org

TV's: Visit a local Office Depot to purchase a Tech Recycling Box, you can put your old TV in the box and return it to the store. Visit www.OfficeDepot.com and search tech recycling for more details and participating locations.

Wine Corks: Create flooring and wall tiles out of your wine corks. Visit www.Yemmhart.com for more information.

You will find great recycling ideas of all kinds at www.Earth911.org

Happy Recycling,

Dennis & Terri

Terri Kotaska Joins RE/MAX Alliance Group

DENNIS KOTASKA — Tue, 30 Apr 2013 23:02:00 GMT

Realtor Terri Kotaska has joined the Sarasota office of RE/MAX Alliance Group as a team member with Broker-Associate Dennis Kotaska, one of the top 3 percent of RE/MAX agents worldwide.

Terri brings to the team an impressive background as a sales and marketing executive for new homes and condominiums in Chicago and Florida, generating $19.2 million to $30 million in individual sales annually.

Her achievements earned her four Diamond Awards, the highest sales award presented by the Chicago Home Builders Association.

During her 26-year career, Terri advanced to Director of Sales for a regional Chicago area home builder, where she was responsible for 350 to 400 home sales and led a 22-member sales team. Later, as Director of Sales for the Central and Southwest Florida Region for a multi-state real estate developer, she was responsible for $101.8 million in annual sales volume for three communities.

Read full press release and learn more about Terri.

Teri can be reached at (941) 907-8207 or email her.

Sarasota Property Sales Highest in 8 Years!

DENNIS KOTASKA — Thu, 25 Apr 2013 16:07:00 GMT

The March 2013 Sarasota Board of Real Estate figures are out and WOW what a month!

The number of properties sold in March 2013 was the highest since August 2005. 887 units sold in March!

To continue the good news the median price for single family homes is $210,000 which is an impressive increase! The median price for condos has fluctuated considerably over the past several years, at the lowest point being $127,000 in July 2010; however for March 2013 the figure is $182,000.

Currently Sarasota has an inventory of 3 months for single family homes and condominiums; typically our inventory level is 12 to 18 months!

Supply and demand will cause prices to rise if builders cannot catch up with demand.

To read the full report, visit my website and click on SAR REPORT on the lower right side of the home page.

Are you curious about your home and neighborhood value? Contact us and we can provide you with the answers.

Sarasota's First Whiskery Festival

DENNIS KOTASKA — Tue, 16 Apr 2013 21:20:00 GMT

Friday, April 19 at 7:30pm

Michael's On East Ballroom and Catering, 1212 S. East Avenue, Sarasota

Tickets: $75

Sarasota's first whiskey festival will be held at Michael's and will feature over 100 fine Scotch, Irish and American whiskies will be available for tasting. Small group seminar classes will be lead by distillers and brand ambassadors.

Package sales will be permitted on site, allowing guests to purchase and take home their favorite selections.

A true connoisseur level event.

More information.

Lakewood Ranch

DENNIS KOTASKA — Tue, 16 Apr 2013 21:00:00 GMT

Lakewood Ranch continues to be a premier community in our area. A master-planned community that includes nine villages offering housing options that range from townhomes to custom estates.

The residents all have varied reasons for living within Lakewood Ranch, however some of the most often stated comments concern the wide variety of restaurants, from gourmet to family-friendly options; the A-rated schools; unique shops and boutiques; hospital and medical center as well as 3 different masterfully designed golf courses. With over 150 miles of sidewalks and trails, community parks and lakes there is something for everyone.

Here is an ariel view of Lakewood Ranch.

Lakewood Ranch is a great place to call home, contact me and I will help you find your dream home at Lakewood Ranch.

Dennis

Homes for Sale in Sarasota

FREE Wine Tasting

DENNIS KOTASKA — Tue, 16 Apr 2013 20:45:00 GMT

Join Katy Rose Olive Oils, on Main Street at Lakewood Ranch for FREE wine tasting on Friday, April 19 from 5:00pm to 8:00pm.

Hors d'oeuvres, extra virgin olive oils and balsamic vinegars.

There will be a 15% discount on all individual oils and vinegars with any wine purchase and special case & half case discounts on any mix of oils, vinegars, and wines.

More information, call Don or Gale, 941-907-0306

Lakewood Ranch April Events

DENNIS KOTASKA — Thu, 04 Apr 2013 18:54:00 GMT

A premier community with something fun and exciting always happening, Lakewood Ranch is just that community. World-class festivals at your door step.

Main Street Events for April

April 5 * Music on Main * Free concert * 6:00pm - 9:00pm

April 7 * Tour de Cure 2013 * The American Diabetes Association’s signature cycling event. Details

April 13 * JDRF Walk to Cure Diabetes * Registration starts at 9am – Walk starts at 10am * Walk 5K or 1 mile option * Register here

Additional Events In & Around Lakewood Ranch

Florida Winefest & Auction Presents The Florida Wine & Balloon Festival * April 5 – 7

· The Balloon Glow Dinner: Friday, April 5, 2013 at 6:30pm Tickets & Info

· Smokin’ Hot Cigar Dinner & Balloon Glow: Saturday, April 6, 2013 at 6:30pm Tickets & Info

· Sip & Soar: Sunday, April 7, 2013 1:00pm – 4:00pm Tickets & Info

· Balloon Festival Grounds – Fun for everyone with upscale arts and craft vendors, gourmet food trucks, tethered balloon rides (weather permitting), beer & wine tent, continuous music, kids zone & car show. Free Parking! Tickets

o Public viewing of Balloon Glow (weather permitting) Saturday evening

o Public viewing of Balloon Launch (weather permitting) 7:15am on Saturday and Sunday

· Balloon rides – details and tickets

April 20 * Sidewalk Astronomy

* A wonderful family event! A location is set up and everyone can view the best of what happens to be visible. (monthly event)

Looking for a home in Lakewood Ranch? Contact Dennis.

Farmer's Market * Lakewood Ranch

DENNIS KOTASKA — Mon, 01 Apr 2013 18:35:00 GMT

A wonderful community event, ideal for the whole family and a great way to get out and experience the community while shopping and supporting local farmers and vendors.

Products from more than 35 local farms and vendors as well as live entertainmnet under the clock tower at San Marco Plaza. You will find fresh seafood, cut flowers, coffees, pottery, herbs and much more! The event also benefits the Humane Societ of Manatee County. Come out and adopt a grateful pet!

When: April 5, 2013 * Market opens at 9:00am

Location: 8209 Natures Way, Lakewood Ranch

Top Producing Agent for 2012

DENNIS KOTASKA — Tue, 26 Mar 2013 18:42:00 GMT

Re/Max Alliance Group is proud to announce the top-producing agents for 2012.

The Platinum Club is awarded to Only 3% of all Re/Max Associates Worldwide.

Congratulations Dennis G. Kotasak for being among the top 3%!

Sarasota County – You are Healthy!

DENNIS KOTASKA — Fri, 22 Mar 2013 17:43:00 GMT

Sarasota County has been ranked among the healthiest and slimmest among other Floridians, this is the fourth consecutive year for this ranking!

The county placed fifth in the state on an annual survey of health and well-being by the Robert Wood Johnson Foundation and the University of Wisconsin Population Health Institute, which assesses counties throughout the United States.

The survey looks at a number of variables, including access to recreation, crime, drinking rates, obesity, fast food availability and morbidity.

The top county in the state is St. Johns, Manatee County is number 21, and the last of the 67 counties is Union.

Sarasota County residents enjoy quality parks and recreational facilities, access to quality health care and preventative screenings – these features help our county to remain healthy. Recently the county has launched “Healthy Sarasota County” to work with child care centers, schools, medical facilities and work sites on issues such as smoking and obesity.

To come up with the 2013 County Health Rankings and Roadmaps, researchers examined data from sources such as the U.S. Census, state vital statistics and Medicare claims.

Congratulations Sarasota Residents!

Sarasota Real Estate

Lakewood Ranch Farmers Market

DENNIS KOTASKA — Fri, 22 Mar 2013 17:11:00 GMT

A wonderful community event, ideal for the whole family and a great way to get out and experience the community while shopping and supporting local farmers and vendors.

When: March 29, 2013 * Market opens at 9:00am

Location: 8209 Natures Way, Lakewood Ranch

On the brighter side #2

DENNIS KOTASKA — Sat, 19 Jan 2013 23:40:00 GMT

Patrick Dougherty: Sculptor
SMOA ARTmuse Program
January 7-26, 2013 on the grounds of the historic Sarasota High School

To see photo updates on the progression of Dougherty's piece on the front lawn of SMOA, please visit our Facebook page.

Acclaimed Sculptor Selected for Ringling College’s
Sarasota Museum of Art/SMOA “ARTmuse” Program

Internationally renowned sculptor Patrick Dougherty weaves large-scale architectural forms from trees, twigs, vines, and other natural materials. In January 2013, the artist will spend three weeks in Sarasota creating one of his unique sculptures on the grounds of the historic Sarasota High School and future home of the Sarasota Museum of Art/SMOA.

Wendy G. Surkis, president of Sarasota Museum of Art/SMOA, a division of Ringling College of Art and Design, has announced that renowned sculptor Patrick Dougherty will be in Sarasota for SMOA's 2013 “ARTmuse” program, January 7-26, 2013.

His imaginative monumental sculptures made of trees, twigs, vines, and other natural materials can be seen around the world. During his three-week Sarasota project, the artist will build a site-specific installation on the grounds of the historic Sarasota High School, which will become the future home of the Sarasota Museum of Art/ SMOA. Surkis says the public will have many opportunities to view the artist at work—and watch his creation unfold and evolve. She encourages people to stop by the high school to see the work in progress.

“This is a remarkable opportunity for our community,” says Surkis. “Patrick has exhibited his work around the world; we're thrilled that he is coming here for SMOA. It’s an example of the fresh ideas SMOA will be bringing to Sarasota." Surkis adds that it's "pure joy to watch his creations come alive as he bends, twists and cajoles tree branches into large, dreamlike architectural forms that invite people to explore, wonder and wander through his amazing environments."

Born in Oklahoma in 1945, Patrick Dougherty was raised in North Carolina and studied art history and sculpture at the University of North Carolina. Combining his carpentry skills with his love of nature, Dougherty began to learn more about primitive techniques of building and to experiment with tree saplings as construction material.

In 1982, his first work, "Maple Body Wrap," was included in the North Carolina Biennial Artists’ Exhibition, sponsored by the North Carolina Museum of Art. His work quickly evolved from single pieces on conventional pedestals to monumental scale environmental works, which required saplings by the truckloads. Over the last 30 years, he has built over 230 of these works, and become internationally acclaimed.

Dougherty has received numerous awards, including the 2011 Factor Prize for Southern Art, North Carolina Artist Fellowship Award, Pollock-Krasner Foundation grant, Henry Moore Foundation Fellowship, Japan-US Creative Arts Fellowship, and National Endowment for the Arts Fellowship. Princeton Architectural Press published a major book, "Stickwork," about the artist and his work in 2009.

For more information about Patrick Dougherty, visit http://www.stickwork.net.

_______________

SMOA will be Sarasota’s first art museum devoted to modern and contemporary art. It's slated to be a dynamic destination for exhibiting innovative visual art of the 20th and 21st centuries. The museum will interweave exhibitions, educational programs and community outreach initiatives to engage a diverse audience and serve as a stimulating hub for creative discovery and discourse.

Together, Ringling College and SMOA will transform the former Sarasota High School, a landmark building listed on the National Register of Historic Places, into nearly 60,000 square feet of exhibition space, a 110-seat, multi-purpose auditorium, sculpture court, indoor/outdoor café, classrooms and studios, educational resource and meeting spaces. According to Surkis, this new use is history-making in its own right.

“The building will regain its stature as one of the area’s most significant and recognizable structures," she says. "The reinvention of this building, which includes a glass structure, iconic in its modernity, invokes the past, the present and the future. The rebirth of the high school is exhilarating."

SMOA’s ARTmuse programs bring renowned artists and museum professionals to our region. According to Surkis, "They share their creative journey and impart a deep understanding of who they are, what they do and how they do it." Surkis adds that these distinguished visitors give the public, “unique and meaningful learning experiences in an up-close-and-personal setting. Our enlightening programs provide Sarasota art enthusiasts a sense of what’s to come once SMOA is up and running.” Previous visiting artists have included Lesley Dill, Janet Echelman, Judy Pfaff and Seth Randal.

This year's Patrick Dougherty corporate sponsor is PNC Wealth Management. "As Sarasota's first museum dedicated to modern and contemporary art, the Sarasota Museum of Art will captivate and inspire countless imaginations," says R. Scott Collins, senior vice president, wealth director of PNC Wealth Management. "In addition, it will be a significant economic driver for Sarasota County. This magical blend of visual beauty, artistic inspiration, and economic acceleration piqued our interest at PNC Wealth Management, and we are very proud of our role as the leading corporate sponsor of SMOA."

Dougherty will participate in SMOA's 2013 “ARTmuse” program, January 7-26, 2013. A celebratory first event, the "SMOA Inaugural Bash," is Sunday, January 20, 2013, 6 p.m.-10 p.m., on the grounds of the historic Sarasota High School. The public is invited to meet the artist, enjoy libations and cuisine from The Sarasota-Manatee Originals, and enjoy the stirring sounds of Tampa's premier dance band, Ace Factor. Tickets start at $125. For tickets and more information about this event, call 941-309-0118 and specify SMOA Inaugural Bash. For information about sponsorship and benefactor opportunities, contact Mary Lee Richey at 941-309-4732.

On the brighter side...... Here is something special happening in front of our new Sarasota Museum of Art;

DENNIS KOTASKA — Sat, 19 Jan 2013 23:38:00 GMT

The Collegiate-Gothic facade of the future home of the Sarasota Museum of Art on Tamiami Trail is about to be altered by a large-scale architectural sculpture created out of a tangle of crape myrtle trees, twigs and vines.

North Carolina-based sculptor Patrick Dougherty began the three-week process of building one of his "Stickwork" sculptures on Jan. 8, after volunteers spent the weekend collecting materials from a Palmetto tree farm.

See a slideshow of the first week of work.

Dougherty envisions the sculpture as acting as a new entrance to the building, which is the historic Sarasota High School and, when $22 million in fundraising is completed, will become the campus for the Sarasota Museum of Art/SMOA, a division of the Ringling College of Art and Design. More than $15.3 million has been raised toward that goal.

Artist Patrick Dougherty

Dougherty, who has built Stickworks in countries as far away as Australia and is laying the groundwork for a project at the American embassy in Serbia ("I'm kinda jerking my hair out, working through security there," he said), was inspired by the castle-like feel of the old high school building. He's made rough sketches, but said his works typically evolve onsite.

"I think the entry way to the building is kind of architectural, so I'm kind of thinking about that," he said. "Maybe sets of galleries flank that in some way, to create the sense that you'd be able to see it from both sides.

"Each time you try to get something that seems to fit. The fact that you are not quite clear about it is good. You haven't overreacted by thinking about it in the studio."

He and some of the more than 100 volunteers will begin by laying out the footprint of the sculpture using electric cords laid on the lawn, using spray paint and drilling holes to anchor the larger trees he'll be using.

"Then we set up scaffolding around the whole mess," he said.

"River Vessels" in process at Waco Cultural Arts Center, Waco, Texas. PHOTO BY MARK RANDOLPH

The project will cost between $50,000 and $60,000, said Wendy Surkis, president of SMOA. Funds were raised separately from the ongoing capital campaign toward the museum's ultimate goal.

Surkis described Dougherty's sculptures as "mystical and magical. You literally walk through them and peek through the windows. It's not an everyday experience to walk through an environment made of sticks and twigs."

Surkis hopes the sculpture project "will really increase the community's awareness about SMOA...We want to show the community how we will have new ideas. The way Patrick builds these sculpture, he's very creative by using these very unique materials. It's very inspiring to see how he takes a material that you wouldn't even think of and creates a magical environment."

When SMOA's fundraising goal is met — $14 million to renovate the building and an $8 million endowment — the museum will include not only gallery display space, but classrooms, a "sculpture port," a cafe and a multipurpose room.

Dougherty's sculpture will stand in front of the building for as long as three or four years, until its natural materials deteriorate.

"By having something so visible outside the building, it will let (people) see this is the kind of life, this is the kind of vitality that will be going on inside this destination once the doors are open, and it will become a bustling destination," said Surkis.

The public is invited to watch the construction of the sculpture throughout the process, with docent-led tours most days over the next three weeks. There's also a photography contest associated with the project.

"I think people will be intrigued and I would like to see that people would drive into the parking lot and stop and come to visit and watch what people are doing," said Surkis.

Sales in November 2012 leap 29 percent over last year

DENNIS KOTASKA — Sat, 15 Dec 2012 21:51:00 GMT

The Sarasota Association of Realtors® is on pace to see the fourth highest number of annual sales in SAR's 90-year history in 2012, after members sold 764 properties in November 2012, a robust 29 percent increase over last November's figure of 602 total sales. The sales total was also 8 percent higher than in October, when 719 properties changed hands.

The category totals were 556 single family homes and 208 condos sold, compared to last November when only 435 single family and 167 condos were sold. This summer and fall, the market has remained extremely active, with open houses experiencing heavy foot traffic and multiple offers reported on many available properties. The available inventory remains near the lowest level in a decade, and the improving economy and employment picture have also helped fuel the real estate market recovery.

"We are truly experiencing a very fortunate time for the Sarasota real estate market," said SAR President Laura Benson. "Interest rates remain near all-time lows, quality properties are affordable, and the economy is recovering at an improved pace. We're in the middle of a great market, and the traditional buying season is only just getting started."

The available inventory of homes on the market remained near the decade low, rising slightly to 3,543 from last month's 3,517. In November 2011, the inventory was at 4,253 properties for sale - more than 18 percent higher than the current total.

Pending sales (which represent properties that went under contract during the month) dropped in November 2012 to 905 from the October 2012 level of 954, but were 14 percent higher than last November, when there were only 782 pending sales reported.

"With pending sales still relatively high, and asking prices remaining stable, we should see a continuation of these impressive sales statistics for the foreseeable future," said Benson. "The biggest potential rain cloud on the horizon is the so-called fiscal cliff, and the potential impacts on the real estate industry."

The median sale price for single family homes in November 2012 was at $174,450, down slightly from the October 2012 figure of $176,000, while condo prices remained at $160,000, the same as last month's figure. Last year at this time, median prices were at $162,000 for single family homes and $127,000 for condos. Prices are 8 percent higher for single family and a 28 percent higher for condos.

The median price for single family homes for the past 12 months was at $172,500, and for condos the figure stood at $174,700. Last year at this time, the 12-month rolling median prices were at $156,074 for single family homes and $158,000 for condos. The numbers continue to indicate a gradual upward price trend.

The months of inventory remained near 10-year lows. The November figures were 4.1 months of inventory for single family homes and 6.1 months for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last November, there were 6.9 months of inventory for single family homes and 9.8 months of inventory for condos. At the worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos.

Currently, only 472 properties for sale in the MLS are listed as short sales or foreclosures, down 9 percent from last month's figure of 519 properties. This represents about 13.2 percent of available properties, down from last month's figure of 14.8 percent and down from the start of the year when the figure represented 17 percent of the market.

Looking forward to potential market conditions in 2013, NAR has been pushing federal lawmakers to leave the mortgage interest deduction in its current form. But the deduction has been mentioned as a potential target for cutting the federal budget deficit - part of the ongoing "fiscal cliff" negotiations - which might put a damper on sales.

On the "good news" front, the U.S. Census Bureau reported in December that more people are moving from state to state now than in 2011, when mobility levels hit hear records lows. The state experiencing the largest influx of new residents has been Florida, with New York residents making up the largest segment of those relocating here.

September sales cool off, but higher than last year

DENNIS KOTASKA — Fri, 19 Oct 2012 00:54:00 GMT

Members of the Sarasota Association of Realtors® sold 648 properties in September 2012, up almost 14 percent from last September, when only 570 transactions were closed. The figure was down almost 21 percent from the 819 sales in August 2012, continuing the historic trends that normally show a sales lull in the early autumn.

The category totals were 500 single family homes and 148 condos sold, compared to last September when only 430 single family and 140 condos were sold. This summer was an exceptional one for local Realtors® who normally have a respite after the spring season. This year, traffic at open houses has been heavy and multiple offers on available properties have become the norm. Part of the reason for this has been the continuing decline in the inventory of available properties on the market.

"Our inventory is now down to 3,460 - the lowest level since 1998," reported SAR President Laura Benson. "The downward trend in inventory started four years ago, when we had over 9,500 properties for sale. We have a great demand for homes and potential sellers should know it's a great time to list their properties."

The available inventory of homes on the market once again dropped to yet another decade low, about 1 percent below last month's total of 3,504. Last year at this time, the inventory was at 4,430 properties for sale - more than 20 percent higher than the current total.

Pending sales (which represent properties that went under contract during the month) dropped somewhat in September 2012 to 844 from last month's total of 953. But the figure was still higher than last September, when there were 723 pending sales reported. This year's activity is 16 percent higher than last year at this time. Pending sales are a good indicator of future closings.

"There is a lot of good news out there in the Sarasota marketplace, and the real estate industry has returned to a much healthier place than we were four or five years ago," said Benson. "For the agents who experienced the down times, this has become a great period of rebound for the market."

The median sale price for single family homes in September 2012 was almost identical to August 2012 at $169,950, while condo prices surged to $175,400 from last month's $149,000. Last year at this time, median prices were at $165,000 for single family homes and $140,000 for condos.

Examining the longer trend lines, the median price for single family homes for the past 12 months was at $170,000. For condos, the median for the past 12 months stood at $167,250. Last year at this time, the 12-month rolling median prices were at $157,500 for single family homes and $163,000 for condos. The numbers indicate a gradual upward price trend.

For the year-to-date median prices, encompassing the first nine months of 2012, the picture was even brighter - $174,000 for single family and $178,800 for condo. The figures were both higher than last year at this time, when they were at $156,100 for single family and $165,000 for condos (11 percent and 8 percent higher, respectively).

Across the nation, prices are continuing to strengthen, according to the CoreLogic Home Price Index (HPI). The index showed that home prices nationwide, including distressed sales, increased on a year-over-year basis by 4.6 percent last month. This change represents the biggest year-over-year increase since July 2006. The analysis showed that all but six states are experiencing price gains.

The months of inventory remained near 10-year lows. The September figures were 4.4 months of inventory for single family homes and 8.5 months for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last September, there were 6.7 months of inventory for single family homes and 11.1 months of inventory for condos. At the worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos.

Currently, only 534 properties for sale in the MLS are listed as short sales or foreclosures, down about 6 percent from last month's figure of 570 properties. This represents about 15.4 percent of available properties, down from last month's figure of 16.3 percent and down from the start of the year when the figure represented 17 percent of the market.

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Short Sale Relief at Risk?

DENNIS KOTASKA — Wed, 03 Oct 2012 13:05:00 GMT

Daily Real Estate News | Tuesday, October 02, 2012

Short sales are growing in popularity, but that may soon change. The “Mortgage Forgiveness Debt Relief Act and Debt Cancellation” is expiring at the end of the year, which could make more home owners think twice about doing a short sale, CNBC reporter Diana Olick reports.

Debt forgiveness with short sales is taxable. But in 2007, Congress passed a law that temporarily relieved that tax burden by making the debt forgiveness from a short sale or a mortgage principal reduction no longer taxable. If the act expires, many in the real estate industry speculate that short sales will drastically decrease.

Many real estate professionals “believe if the legislation is not extended, households who are already struggling to pay their mortgages will be further burdened with tens of thousands of dollars in additional taxes that they probably can’t afford to pay because the IRS would count the cancelled debt as income,” says Jamie Gregory, a lobbyist for the National Association of REALTORS®.

A bipartisan move is under way that could extend the tax relief. The Senate Finance Committee passed a package that included several tax extensions recently, including a one-year mortgage relief extension. The House of Representative is still weighing how to handle the tax extensions, however.

In the first quarter of 2012, more than a quarter of a million short sales were completed, according to data from RealtyTrac. Some analysts speculate that short sales will increase this fall as borrowers and banks rush to complete them before the expiration of the mortgage debt relief act.

Editor's Note: NAR is focusing its efforts on several issues left unfinished by Congress. Extending the Mortgage Cancellation Tax Relief is an urgent priority during the expected “Lame Duck” session of Congress following the election in November.

Source: “Housing Alert: Short Sales May be in Big Trouble,” CNBC (Sept. 28, 2012)

Home Buyers Grow Frustrated by Low Inventories

DENNIS KOTASKA — Wed, 03 Oct 2012 13:02:00 GMT

Daily Real Estate News | Tuesday, October 02, 2012

Low inventories of homes for-sale are becoming troubling to home buyers, Inman News reports. Almost every major market in the U.S. has posted double-digit decreases in for-sale listings.

"The buyers tend to become a little frustrated as they are seeing homes that they want to 'think about' and before they can even get home to discuss it there are already multiple offers on the property," Sheri Moritz, a real estate broker with Keller Williams' Wake Home Team in Raleigh, N.C., told Inman News. In Raleigh, inventories have fallen 21 percent in the past year, according to Realtor.com data.

"I counsel buyers to be patient, and not get discouraged, that it may take extra time to find the suitable property," adds Tom Avent, broker-owner at Tom Avent Real Estate in Fresno, Calif., which has posted a 43.1 percent drop in inventories in the past year. "I have also seen some buyers give up looking, frustrated with low inventory and losing out in multiple-offer bidding."

Multiple bid situations are a common occurrence in many markets. But surveys show that home buyers lose their enthusiasm when faced with competition for a property, according to a recent survey by Redfin. Seven in 10 of home buyers surveyed reported that they’ve faced competition on at least one of their offers recently, but 31 percent say they would back off when faced with a multiple offer situation for a home, according to the Redfin survey.

Charles Roberts, a director at the Denver Board of REALTORS® and co-owner of Your Castle Real Estate, says that “urgency” is the new landscape greeting home buyers.

"Gone are the days of looking at 50 homes and taking months to make a decision,” Roberts told Inman News. “If there's a good property on the market, buyers need to act quickly, and yes, sometimes bid above asking price. The educated, thoughtful clients are getting great deals with astoundingly low interest rates. The clients that are still insisting on putting offers at 80 cents on the dollar are getting shut out of the market. They either learn that that strategy doesn't work anymore or they keep on renting. Our job as real estate agents is to teach them what the market looks like and guide them in their decision-making."

Source: “Low Inventories Thwarting Buyers,” Inman News (Oct. 1, 2012)